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A major Edinburgh Festival Fringe venue which has been threatened with closure is on the verge of a deal to keep its doors open.

The charity which runs Summerhall says it is close to securing a three-year lease for the site, which hosts hundreds of performances every August.

The venue, which encompasses seven buildings and is home to more than 100 businesses, was put on sale by its owners in May.

The estate agent listing for Summerhall's sale suggests the facility could be converted into a “boutique hotel or student accommodation".

Summerhall Arts, an independent registered charity, was set up in October 2023 "in order to deliver an ambitious programme of professional development and artist support for the sector".

Chief Executive Sam Gough said they have been working "flat out" to safeguard its year round programme of events for the future.

"Whilst the Fringe and other events for this year are safe, we have been conscious that a longer-term future for the management of the building and the delivery of the arts has been less certain," he said.

The Summerhall complex overlooks the Meadows and was converted from the former site of the city’s Royal (Dick) School of Veterinary Studies to an arts hub in 2011.

The veterinary school moved into the building in 1916, two years after it was completed.

It remained on the site until 2010, when it relocated to a new campus in the south of the city.

suggests refurbishment of the site offers many options options including "residential, galleries and entertainment spaces, boutique hotels, offices, studios, and student housing".

However, it also states the building is being sold with the current leases intact.

A closing date of 18 September has been set for the building's sale.

Robert McDowell, who founded the venue, said the sale was going ahead "against his wishes".

The complex is owned by Isle of Man-based Oesselmann Estates Limited, but run by Summerhall Management.

A spokesperson for the venue's owners said: "We have always understood the importance of Summerhall for the culture sector and the city.

"This arrangement will allow Summerhall Arts the opportunity to keep the legacy alive and give them the time needed to secure a much longer future with any prospective new owners."